If your business is in need of full-fledged reporting and financial performance management software with built-in deep analytics, business intelligence, plus the capability to help you gain a holistic real-time view of the entire business performance, Infor EPM might be the one that you’ve been looking for.
Read more:Why Infor EPM is the Definitive Solution for Modern Financial Consolidation
The evolution of the CFO role
70 per cent of companies spend their time looking for data instead of analysing it. Data plays a critical role in the life of any finance professional. Nevertheless, 48% of CFOs believe IT systems are a barrier to effectiveness.
The role of CFOs has evolved drastically over the past few decades due to changes in the economy, local and global regulations, and communication methods. A modern CFO’s responsibilities are much more complex and have gone beyond the boundaries of a typical finance professional.
As the role of the CFO expands, the need for reliable information and adequate tooling also increases.
How a CFO can leverage Infor EPM to gain visibility across the organisation and obtain critical insights from financials and sales performance to production orders and quality?
An industry-specific tool built for business success
Infor EPM delivers information and a dashboard tailored specifically for each industry. In today’s article, we’ll examine two areas where EPM will benefit the CFOs of the manufacturing sector.
Duplicate expenses
Directly on the dashboard, what the CFO will see first-hand are various numbers, actual versus budget and variance, all represented with different colours. From the financial report, the CFO will be able to drill down to the single-entity level to track the source of the cost, the period in which the transaction occurred, etc., all presented in local currency.
If a duplicate transaction does occur, Infor EPM will be able to drill into the ERP system to trace back and reverse the posting in the consolidation.
Once done, finance professionals and the CFO can instantly notify the team via the Ming.le platform.
Budget planning
In the dashboard, the finance personnel will be able to view both financial and sales data. Any alteration to the data will be reflected in the main overview page in real-time.
Preparing for sales planning can be done on the product level or by comparing data with the previous period. Data from ERP can also be used to feed into the sales forecast to increase reliability.
In order for the plan to be actionable, it still needs the CFO’s approval. On the CFO’s side, he/she has the possibility to use predictive analytics to validate manual forecasts against statistical methods.
In short, if you are a CFO and your team are looking for an effective system that:
- Has a built-in collaborative tool that mimics common social platforms to enhance workflow and gain visibility
- Traces back transactions down to the product level, create hierarchies to validate forecast and historical data for audit
- Consolidates multiple workbooks quickly and seamlessly in order to generate a single set of financial statements
- Crosses check with past data to build a reliable statistical sales forecasting plan
- Acts as an integrated, industry-specific solution that meets the needs and the requirements of the finance function
Infor EPM is the answer to help you gain a competitive advantage by utilising data and empowering every user on every level within the organisation.
To learn more about Infor EPM, request a demo or watch our on-demand webinar completely free today!
